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Egypt’s deficit budget decreases to 4.4%

LONDON: Europe’s financial capital is feeling the cold of Brexit but UK officials insist the City of London is suffering a temporary blip and is well-positioned to profit from new trading horizons. For the first time last month, as Britain’s withdrawal from the EU took full effect, London’s financial district lost its European share-trading crown to…

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Nigerians win UK court OK to sue Shell over oil spills

LONDON: Britain’s coronavirus-ravaged economy suffered its biggest crash in output in more than 300 years in 2020 when it slumped by 9.9 percent, but it avoided heading back toward recession at the end of the year and looks on course for a recovery in 2021. Official figures showed gross domestic product (GDP) grew 1.0 percent…

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Makkah-Madinah real estate index down 7.6% in 2020

Here are a few things you need to know as Saudi stocks start trading on Sunday. - Saudi Telecom Co. (stc) signed an agreement with Etihad Atheeb Telecommunications (GO) on settling the latter's due balances and debt. - Qassim Cement Co.’s board of directors recommended a 12 percent cash dividend, at SR 1.2 ($0.32) per…

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Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

DUBAI: The UAE’s automotive trade amounted to AED 68.8 billion ($18.7bn) from January to September of 2020, official government data has shown. Car and tractor re-exports reached AED 25.6 billion in the same period, while exports stood at AED 1.26 billion, according to figures from the Federal Competitiveness Statistics Centre. Automobile imports hit AED 42…

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Saudi finance ministry completes $266.4bn payment orders in 2020

DUBAI: Eleven banks in the UAE have been fined a total of 45,758,333 dirhams ($12.46 million) for failing to adequately comply with rules related to money laundering and the financing of terrorism and illegal organizations. The fines imposed by the Central Bank of the UAE (CBUAE) were imposed on Jan. 24, state news agency WAM…

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A shared vision for Qiddiya, a future global entertainment hub

RIYADH: One of the key advantages that the team behind Saudi Arabia’s ambitious drive to create a global hub of entertainment have is the shared vision for the project held by all those involved, the head of the Qiddiya development has told Arab News’ sister news organization Asharq news. “The beauty of a project like…

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IMF chief sees ‘high degree of uncertainty’ in global outlook

DUBAI: Investors are expecting a “Biden bounce” in global markets following the inauguration on Wednesday of Joe Biden as the 46th US president. “History teaches us that we can expect the markets to react favorably to the inauguration of a new US president — and this time around it is likely to be no different,”…

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Wafrah approves impeachment of board, audit committee

Wafrah for Industry & Development Co. approved the impeachment of the board of directors and audit committee, as applied for by shareholders in possession of 7.14 percent of the total shares of the company, the firm said in a bourse filing today, Jan. 17. The decision came during the company’s ordinary general assembly meeting (OGM)…

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Careem welcomes Saudization of ride-hailing sector, eyes further investment

DUBAI: Ride-hailing service Careem has welcomed a government decision to fully localize the sector in the Kingdom, saying the move will help to create more jobs for Saudi drivers. The Saudi Ministry of Transport said the new rule would have limited impact as citizens already made up 96 percent of the workforce in the ride-hailing…

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Trading ban lifted on founding shareholders of Amlak International

‘The Line’ reflects Saudi Arabia’s seriousness to diversify economy: Minister of Commerce Saudi Arabia’s keenness on undertaking a large project like The Line at this time, in addition to the follow-up by Crown Prince Mohammed Bin Salman, affirm the seriousness towards diversifying the economy and promote development, NEOM board member and Minister of Commerce and…

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SHUAA Capital in $308m debt deal with Dubai shipyard firm

DUBAI: Qatar’s foreign minister has said that the country’s sovereign wealth fund could invest in Saudi Arabia and other Gulf states as diplomatic tensions ease following the AlUla agreement.Sheikh Mohammed bin Abdulrahman Al-Thani, who is also chairman of the Qatar Investment Authority, told the Financial Times that “if there are opportunities that we see in…

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Emaar closes $204m deal to sell hotel

DUBAI: Mashreq Bank, Dubai’s third-largest lender, is planning to move nearly half of its employees to cheaper locations and allow some to work from home, as part of a dramatic reorganization that excludes Emirati employees, according to sources familiar with the matter. The oldest privately-owned bank in the UAE notified employees this week that it…

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Famous Vienna hotel turns to drive-in cake

VIENNA: The pandemic may have forced many of Vienna’s luxury hotels to close indefinitely as global travel restrictions keep away the millions of tourists who usually visit the Austrian capital every year. But the Hotel Sacher is determined not to let fans of its world-famous chocolate cake go hungry. The hotel’s concierge, Uwe Kotzendorfer, is selling…

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Black Friday offers beacon of hope to struggling stores

NEW YORK: After months of slumping sales and businesses toppling into bankruptcy, Black Friday is offering a small beacon of hope. In normal times, Black Friday is the busiest shopping day of the year, drawing millions of shoppers eager to get started on their holiday spending.But these are not normal times: The economy is tanking…

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Steak out: China’s coronavirus testing chokes beef trade

BEIJING: In a supermarket in downtown Beijing, refrigerator shelves normally filled with steak from around the world sit empty as tougher testing for the novel coronavirus creates supply bottlenecks and raises prices for importers. Fresh supplies of beef won’t arrive for days, a salesman at the Suning.com-owned Carrefour outlet told Reuters — if then. That’s…

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Gulf bonds likely to set record in 2021 amid budget squeeze

DUBAI: International debt sales from the six-member Gulf Cooperation Council are likely to notch another record year in 2021 as governments need to fill wider deficits and corporates look to grab money on the cheap amid low rates. The oil-rich region saw a second consecutive year of record international bonds, topping $100 billion, as issuers’…

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Egypt banks step up anti-virus efforts

MEGEVE, France:  Megeve, in the foothills of Mont Blanc, was gearing up to welcome back skiers before Christmas after a COVID-19 lockdown was eased. But France’s government — while allowing cinemas, museums and theaters to reopen from Dec. 15 — says its ski slopes must stay off limits until 2021, leaving those who make their…

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EU derivatives decision leaves London in the lurch

DUBAI: Abu Dhabi state investor Mubadala plans to identify potential fund partners in Israel and find high-growth technology firms in which to co-invest, as the UAE and Israel seek to boost commercial ties after normalizing relations. “There will be interesting opportunities with joint funds or joint ventures, but we are still early on in evaluating this,”…

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Oil hits highest level since March on vaccine, Biden transition

DUBAI: Radical changes to corporate ownership and investment laws could provide a significant boost to the UAE as it seeks to emerge from the ravages of the coronavirus pandemic lockdowns, business experts told Arab News. The Emirati authorities have announced a raft of changes that relax restrictions on foreign ownership and make it easier for international…

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